Update 2Q11 Share Price: NOK 6.1 (12.08.2011) 12 August 2011 Target: NOK 6.6. Source: AKS/Fondsfinans Research

Aker Seafoods ASA Downgrade to Neutral (Buy) Update 2Q11 Share Price: NOK 6.1 (12.08.2011) 12 August 2011 Target: NOK 6.6 Share data (NOKm) 12.aug.11 Sector Fisheries Reuters/ Bloomberg AKS Risk rating High risk Outstanding shares (M) 84,6 Market cap 516 NIBD 943 Enterprise value 1 459 Free float % 22 % Average volume (thous) 33 High/ low 52w 10.4 / 6.2 Weight OSEAX % 0,0440 Rel. Perf % (3/6/12 mts) -05/ -14/ -06 Abs. Perf. % (3/6/12 mts) -26/ -36/ -10 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 OSEBX AKS DOM AKS group (ex. PA) 2011e 2011old 2012e 2012old 11Ch% 12Ch% Revenues 2 992 3 283 3 046 3327-9 % -8 % EBITDA 244 309 260 300-21 % -13 % EBIT 125 181 140 172-31 % -19 % Own catch 52 609 54 705 53 334 53 041-4 % 1 % Prosessing volumes 97 835 100 475 98 724 99 107-3 % 0 % PTP 70 115 91 117-39 % -23 % EPS adj. 0,55 1,00 0,77 1,00-45 % -23 % NIBD (UB) 973 855 840 755 14 % 11 % Source: Fondsfinans Prepared by analysts: Bent Rølland Fondsfinans ASA TEL: +47 23 11 30 27 br@fondsfinans.no Philip M. Scrase Fondsfinans ASA TEL: +47 23 11 30 23 ps@fondsfinans.no Cost increase throughout the value chain Yesterday, Aker Seafoods reported 2Q EBIT around 50% below consensus. The company reported on cost increase throughout the value chain. Raw material costs were up around 20% during 1H, while cost of bunkers has gone up significantly YoY. The cost inflation in the value chain was not offset by volume/price increase in the European white fish market. For the market as a whole, 1H Norwegian export volumes were up by around 10% while average prices climbed by around 4% (YoY). 1H Aker Seafoods performance lagged the market development. On the positive side, from 3Q 2011 the new and more efficient trawler Havtind will replace an older and less efficient vessel. The International Council for the Exploration of the Sea (ICEA) recently recommended 2012 white fish quotas somewhat further up YoY, which should support a tight market balance also in 2012. Aker Seafoods ASA has previously stated potential mergers, partnerships, and other rationalization of downstream activities. No further news was given at 2Q. Regulatory issues could obstruct the potential spin-off. We now estimate 2011 EBITDA of around NOK 244m, which is slightly down YoY. All in all, we reduce our 2011 and 2012 EPS estimate by 41% and 23% respectively. We downgrade Aker Seafoods ASA to Neutral recommendation and implement a price target of NOK 6.6 corresponding to P/E adj. 2011 of 12 (12). Key figures (NOKm) 2008 2009 2010 2011e 2012e 2Q10 2Q11 Total revenues 2 718 2 685 2 915 2 992 3 046 752 751 EBITDA 143 191 250 244 260 65 52 EBITDA-margin 5 % 7 % 9 % 8 % 9 % 9 % 7 % EBIT 22 12 123 125 140 34 22 EBIT-margin 1 % 0 % 4 % 4 % 5 % 5 % 3 % PTP -125 95 64 70 91 18 8 EPS adj. -1,28-0,30 0,69 0,55 0,77 0,15 0,04 NIBD 1 512 1 025 995 973 840 1 012 943 AKS harvesting 40 938 50 233 51 308 52 609 53 334 12 417 13 105 Prosessing volumes 69 244 73 100 94 629 97 835 98 724 22 154 20 076 Harvesting growth 23 % 2 % 3 % 1 % 6 % Prosessing growth 6 % 29 % 3 % 1 % -9 % EV/ Sales 0,6 0,5 0,5 0,4 EV/ EBITDA n.m. 6,0 6,1 5,2 EV/EBIT n.m. n.m. 11,9 9,7 Adj P/E n.m. n.m. 11,0 7,9 P/B 0,5 0,5 0,5 0,4 Source: AKS/Fondsfinans Research FONDSFINANS ASA, HAAKON VII S GATE 2, P.O.BOX 1782 VIKA, NO-0122 OSLO, TEL: +47 23 11 30 00, FAX: +47 23 11 30 03, mail@fondsfinans.no We refer to important information written later in this report

Aker Seafoods ASA Update 2Q11 2Q Aker Seafoods performance Higher 2Q costs EBITDA down 35 percent YoY; 50 percent below consensus While 2Q revenues were flat YoY at NOK 751m, EBIT was down 35 percent around 50 percent short of consensus estimates. Downstream performance was disappointing, due to higher cost of raw material (up 20 percent YoY), and upstream cost was also up due to higher prices of bunkers oil and increased personnel costs. Harvesting volumes were up 6 percent YoY (but still 36 percent short of our estimates), and higher prices contributed to revenues of NOK 192m (up around 4 percent YoY). AKS EBIT-margin was down from 4.5 percent to 2.8 percent YoY, as cost increases were not offset by higher volume or prices in the European white fish market. Oil prices are expected to be higher during 2H 2011 than in 2H 2010, which will have a negative impact on results for the rest of 2011compared with last year. Expecting strong harvesting division going forward due to increased quotas All in all, for the full year 2011 we expect corporate EBITDA around NOK 244m, down about 20 percent. From harvesting we expect EBITDA of around NOK 200m (unchanged). Downstream processing and sales (Norway Seafoods) is expected to remain weak, as margins will continue to be weak. Upstream division Aker Seafoods Harvesting Harvesting volume and prices up YoY Upstream cost up Recommended 2012 quota increase for cod and haddock reduction for saithe Strengthened quota base for harvesting in 2H 2011 Aker Seafoods Harvesting achieved operating revenues of NOK 192m and EBIT of NOK 28m in 2Q (up from NOK 184m and NOK 22m YoY, respectively). Corrected for the sale of Pesquera Ancora in 4Q 2010, EBIT was up by NOK 13m. Higher price for all species was the main factor behind the performance improvement YoY. Furthermore, volume increased by six percent YoY, and the increase was primarily related to cod, while the availability of haddock in the North Sea was poor. Though prices achieved for the Harvesting unit were up YoY, they were lower QoQ. Higher bunkers prices hit cost with a 2Q effect of NOK 5m. Even though maintenance cost was low in the quarter, it is expected to come up again in 2H. Aker Seafoods controls long term (25-year) quotas in the Barents Sea. Yearly fishing volumes are set by Norwegian and Russian governments based on standing biomass and spawning. The white fish biomass in the Barents Sea is at high levels not seen in the last 40-50 years. During the second quarter, quotas for haddock in 2011 were increased by eight percent, while cod quotas are up by four percent. The International Council for the Exploration of the Sea (ICES) recommended in June that cod quotas be increased by seven percent in 2012. It recommended a five percent rise for haddock in the same year, a five percent reduction for saithe north of the 62 nd parallel and a 15 percent cut for saithe south of that line. Remaining volumes of cod, saithe and haddock at 30 June corresponded to 58 percent of actual quotas, which is equivalent to the situation at 2Q 2010. However, the increased quotas provide a better operating basis for the rest of 2011, and the company expects fisheries for cod and haddock to remain good. The table below sums up Norwegian white fish quotas. The 2011 cod quotas in the Barents Sea are up 9% YoY while haddock quotas are up 24% YoY. Although saithe quotas are down, the combined Norwegian quotas are up by around 7% YoY (all fishing areas together). Page 2 12 August 2011 Fondsfinans Research

Update 2Q11 Aker Seafoods ASA Quotas up by another 7% in 2011 Haddock up by 24% this year Preliminary quotas up by another 2% in 2012 Saithe down this year, both North Sea and Barents Sea Norwegian cod quotas (wfe t) 2006 2007 2008 2009 2010 2011 2012E The coastal fleet n 62 latitude 135 000 135 000 137 371 157 977 183 000 210 000 224 700 The trawling fleet n 62 latitude 58 000 57 000 57 842 69 410 80 516 94 000 100 580 Norwegian cod north of 62 latitude 193 000 192 000 195 213 227 387 263 516 304 000 325 280 R&D cod 7 000 7 000 7 000 7 000 7 000 6 000 6 000 Cod, Russia (Norwegian zone) 50 000 50 000 57 700 60 000 68 000 75 480 79 254 TAC North of 62 latitude 250 000 249 000 259 913 294 387 338 516 385 480 410 534 Cod quota YoY 0 % 4 % 13 % 15 % 14 % 6 % Cod in North Sea 40 000 40 000 40 000 40 000 42 000 33 000 26 400 Cod in Skagerak 9 000 9 200 9 000 9 000 9 000 6 000 4 000 Total cod quotas (Norway) 299 000 298 200 308 913 343 387 389 516 424 480 440 934 Total cod quota growth YoY 0 % 4 % 11 % 13 % 9 % 4 % Norwegian saithe quota (wfe t) 2006 2007 2008 2009 2010 2011 2012E Trawling fleet n 62 latitude 94 300 82 000 83 250 75 000 68 500 62 335 59 218 Line fleet (Not) 63 250 55 000 56 250 50 800 48 000 43 680 41 496 Coastal fleet 95 450 83 000 85 500 77 000 72 000 65 520 62 244 Total n 62 latitude 253 000 220 000 225 000 202 800 188 500 171 535 162 958 Saite in North Sea 10 000 10 000 9 500 9 500 9 500 9 000 7 650 Total saite quotas (Norway) 263 000 230 000 234 500 212 300 198 000 180 535 170 608 Saite quota growth 2 % -9 % -7 % -9 % -5 % Norwegian haddock quota (wfe t) 2006 2007 2008 2009 2010 2011 2012E Haddock trawling n 62 26 000 28 000 29 070 36 000 44 000 55 000 57 750 Coastal fleet n 62 42 000 46 000 47 430 57 000 72 000 90 000 94 500 Total Norwegian haddock quotas 68 000 74 000 76 500 93 000 116 000 145 000 152 250 Haddock, other countries 8 000 8 500 9 000 15 000 21 000 25 200 25 200 Total haddock quotas (Norway) 76 000 82 500 85 500 108 000 137 000 170 200 177 450 Haddock quota growth 26 % 27 % 24 % 4 % Total white fish quotas 638 000 610 700 628 913 663 687 724 516 775 215 788 992 YoY white fish quota growth -4 % 3 % 6 % 9 % 7 % 2 % Source: Fondsfinans Aker Seafoods ASA controls around 1/3 of the trawling quotas in the Barents Sea. The following table shows changes in AKS quotas for the main species in this area. We expect AKS harvesting to broadly follow the development in market quotas. For 2011, we expect the total harvesting volume for AKS to be around 53kt, including additional saithe caught in the North Sea as well as prawn and other by-catch. For 2012, we expect quotas up by around 2% on average. We estimate harvesting revenues for 2011 and 2012 to be around NOK 818m and NOK 843m, respectively (unchanged). Vessel performance and structure Fresh and fresh with freeze capacity vessels had better performance in 2Q 2011 than in the same period in 2010, while freeze vessels had lower margin due to less efficient fisheries of non cod species. During the last five years AKS has gradually upgraded its vessel portfolio. The new vessel Havtind will be fully operational throughout 3Q 2011 onwards, reducing overhead costs. The table below sums up the present 2011 AKS vessel structure. Overview of AKS trawling vessel portfolio Aker Seafoods Harvesting No. Fishing vessel Fresh Type Built/modernized Gross ton Licences Cod Saithe Haddock Redfish Prawn Halibut N. Sea 1 Rairo 1 Fresh trawl 1970/1996 585 1,5 x x x x 2 Nordfjordtrål Combi trawl 1998 931 1 x x x x 3 Doggi/Ex. Soløyvåg Freezer trawl 2002 691 1 to 2 x x x x Hammerfest Industrifiske AS 60% - Shareholder agreement 5,70 x x x x 4 Vestind II Freezer trawl 2000 2243 1.5 to 2 x x 5 Hekktind Combi trawl 1993 1120 1.5 to 2.5 x x x x x x 6 K. Arctander Freezer trawl 1995/2000 1 199 2,0 x x x x x x 7 Stamsund 2 Fresh trawl 1998 615 1.5 to 2.5 x x x Røstnesvåg Fresh trawl 1972/1996 645 1.5 to 2.5 1Q laid up and sold 8 Havtind/ex. Polar Amarog 2 Combi trawl 1997 New vessel transf. From Greenland (capex= 55MNOK) Nordland Havfiske AS 96.5% 11,85 x x x x x x 9 Båtsfjord Freezer trawl 1999 1190 2,6 x x x 10 Skaidi Combi trawl 2001 699 2 to 3 x Jergul Fresh trawl 1970/1997 585 1.5 to 2 2010 laid up 11 Kongsfjord Freezer trawl 1996 1598 2 to 3 x x x Finnmark Havfiske AS 97.62% 12,04 x x x 11 2 Total quotas 29,59 Source: Aker Seafoods/Fondsfinans Fondsfinans Research 12 August 2011 Page 3

Aker Seafoods ASA Update 2Q11 Downstream - Norway Seafoods ASA Weaker results downstream due to higher raw material prices squeezing margins Norway Seafoods is the group s marketing and processing company, and consists of the business areas processing Norway, processing Denmark and processing France. The company achieved revenues of NOK 632m in 2Q (-3% YoY). EBIT was negative at NOK 7m, compared with a positive NOK 12m in 2Q 2011, with EBIT-margin equalling -1.1%. Performance deteriorated in all segments, but especially in Norway, due to higher raw material prices (up around 20%), which has not been reflected in increased prices and volume of processed products in the European market. In addition, poor biological performance on the fresh water trout in Angulema, due to fresh water drought, led to reduced production in France. 5 main plants in Norway Satellite plants in Norway sourcing raw materials from the coastal fleet VAP/MAP-plants in DK France 2 distribution plants + 2 farming plants (trout and turbot) Now further news at 2Q regarding structural possibilities downstream The split-up of Norway Seafoods ASA from AKS opens for a restructuring of the value chain and orients it more towards meeting the needs of modern day retailing giants. Norway Seafoods rents processing plants from its mother company AKS. The table below sums up the processing/downstream infrastructure of Norway Seafoods present. Norway Seafoods From Company Location Supply Comments Frozen Fresh Salted Iced MAP Fillets Loins Portions Tails Main processing plants in Norway 1 AKS J.M. Jonansen Stamsund x New fresh fish line x x x x x x x 2 AKS Melbu Melbu x Mainly frozen fillets x x x x x x x x 3 AKS Finnmark Hammerfest x All products x x x x x x x x x 4 AKS Båtsfjord Båtsfjord x Also live catch x x x x 5 AKS Nordkyn Mehamn x x x x Sourcing plants of raw materials in Norway 0 Vardø Vardø Closed Plant finally closed Svartnes-plant sold to Aker Solution in 2010 6 AKS Nordkyn Kjøllefjord x King crab plant x x x 7 Skarsvågfisk Honningsvåg Coastal fleet Still some volumes x 8 Skårvågen Vesterålen Coastal fleet Rented plant x 9 Aker Seafoods Tromvika Coastal fleet Rented plant as NFEC 50% Berlevåg Coastal fleet x x as NFEC 50% Sørvær Coastal fleet x x as Tobø Fisk 38% Havøysund Coastal fleet Upgraded x x x x x Processing plants in Denmark 0 Denmark Grenaa Plant closed 1 Denmark Grenaa Plant closed x x 2 Denmark Thyborøn Frozen supply x x x x x x x 3 Denmark Hvide Sande Frozen supply x x x x x x x 4 Denmark Bagenkop Frozen supply x x x x x x x 5 AKS Sweden Kungshamn Plant closed x x x x Processing plants in France 1 Bolougne de Mer North Norway Turbot farming 260 employees 2 Castets South Denmark Trout farming Maki, suchi. Strong trout prices in France Source: AKS/Fondsfinans Aker Seafoods ASA has previously stated potential mergers, partnerships, and other rationalization of downstream activities. No further news was given at 2Q. Regulatory issues could obstruct the potential spin-off. Expecting the strong white fish market to continue The Norwegian market as a whole Record white fish export in July For the market as a whole, Norwegian exports of cod fish, including clip fish, salted and dried fish totalled NOK 787 m in July (up 7 % YoY), while the YTD export reached NOK 6.4b. This is a record for both July and YTD export. Clip fish export came in at a record of NOK 233m in July (up 10% YoY), led by strong demand from the Dominican Republic and Angola, especially for clip fish of saithe. In addition, low stocks in Italy led to high prices at the start of the dried fish season in July. Export of whole, frozen cod fish totalled NOK 258m (up 29% YoY), which is a record for July. Export to China grew from NOK 85m tom 148m, and was the biggest contributor to the increase. Aquaculture export equalled NOK 26m in July (up 2% YoY), and the biggest markets were Spain (whole fish) and Denmark (fillets). Page 4 12 August 2011 Fondsfinans Research

Update 2Q11 Aker Seafoods ASA The table below sums up Norwegian white fish exports in 1H 2011. 1H white fish export value up 14 percent YoY. Prices up 10 percent, volume up 4 percent 1H Aker Seafoods performance lagged the market Product YTD 2011 Change Y/Y (YTD) Volume Value Price/kg Volume Value Pric e/kg Cod, atlantic, clip fish 18 563 921 028 49,6 3 % 16 % 12 % Cod, atlantic, frozen 19 461 367 165 18,9-11 % 1 % 14 % Cod, atlantic, non-farmed, fresh 17 203 426 462 24,8 21 % 40 % 16 % Cod, frozen fillet block 4 844 141 012 29,1-1 % 1 % 2 % Cod, frozen fillets, non-block 6 446 279 005 43,3-7 % -1 % 6 % Cod, salted 21 102 727 253 34,5 6 % 23 % 16 % Haddock, fresh 14 189 163 106 11,5 42 % 36 % -4 % Haddock, frozen 30 164 427 875 14,2 2 % 3 % 1 % Haddock, frozen fillets, non-block 3 600 107 709 29,9 5 % 4 % -1 % Saithe, clip fish 25 425 701 622 27,6 7 % 4 % -2 % Saithe, frozen 27 982 339 200 12,1 41 % 45 % 3 % Sum 188 979 4 601 437 24,3 10 % 14 % 4 % Cod 121 252 2 139 082 17,6 10 % 11 % 0 % Haddock 67 647 1 987 481 29,4 17 % 23 % 5 % Saithe 23 061 474 874 20,6-9 % 2 % 12 % Aker Seafoods ASA, YTD 27 754 1 537 000 55,4-4 % 0 % 5 % Aker Seafoods ASA, Y/Y (2Q ) 13 107 751000 57,3 6 % 0 % -5 % While cod prices on average were flat, prices for haddock and saithe increased from 1H 2010 to 1H 2011 by 12 and 5 percent, respectively. A strong Brazilian GDP growth is helpful as their import of salted/dried cod from Norway has boomed. To date, export value of white fish is up 14 percent and we expect the market to remain strong going forward. SOTP control valuation Pretty comfortable upstream We are pretty comfortable with respect to the value of the upstream unit Aker Seafoods. Fishing quotas and vessels are assets being traded in the market and reference prices are readily available. Our value estimates for the quotas correspond only to the audited book value used by AKS itself. We continue to set quota values equal to NOK 34m apiece even though free quotas have been traded at much higher levels (NOK 70 80m). This is because AKS has landing commitments (5% - 10% of volume) towards third party processing plants. Furthermore, the Aker Seafood vessels are obliged to offer its harvest to Norway Seafoods processing plants on a firstright-of-refusal basis. However, onboard frozen fish has somewhat more landing flexibility than is the case for fresh fish. In addition, we put a separate value per vessel equal to NOK 30, leading to total upstream value per quota of NOK 43m. In its 2010 annual report AKS did an impairment test of quota values (DCF). This concluded in a value of NOK 50 per quota, but according to IFRS regulations, the quota values cannot be written up. Downstream values EV/EBITDA... Placing a firm value on the downstream unit Norway Seafoods ASA is more challenging. There are few peers to relate to and using financial ratios will have the uncertainties that come with a volatile operating margin and earnings. However, a future listing or spin-off of Norway Seafoods ASA could unlock more shareholder value. Applying 6 x EBITDA multiple on our expected EBITDA of around NOK 45m, we get an EV somewhat below NOK 270m for Norway Seafoods. The French division includes 6 fresh water trout sites and one turbot sea water Fondsfinans Research 12 August 2011 Page 5

Aker Seafoods ASA Update 2Q11 site. About 5 years ago the purchase price for the French units was approximately NOK 100m. We value France at NOK 72m. We believe Norway Seafoods should be valued separately per country implying a total downstream value equal to NOK 270m. Using a SOTP model, we estimate upstream (harvesting quotas and the vessel fleet) at an EV of around NOK 1.3bn leading us to a total group EV around NOK 1.6bn. The table below sums up our SOTP estimates. EV Upstream equal to NOK 1.3b EV Downstream equal to NOK 270m pre potential spin-off SOTP value indicated somewhat above our multiple based target of NOK 6.6 per share SOTP Aker Seafoods ASA Quotas Ownership Value EBITDA11 2011E Nordland Havfiske AS (P/B=1) 11,85 96,5 34 389 Finnmark Havfiske AS (P/B=1) 12,04 97,62 34 400 Hammerfest Industrifiske AS 60% (P/B=1) 5,70 100 34 194 Trawling vessel value (ex. quotas) 10 97,62 30 293 AKS white fish quota values 29,59 43 1 275 Prawn quotas (impairment value) 6 97,62 4 23 Greater silver smelt quotas (impairment value) 2 96,50 3 6 EV upstream (Aker Seafoods) 93 44 200 1 304 EV Processing/sales EV/EBITDA EBITDA11 2011E Denmark (3 plants) 100 6,0 19 114 Norway (7 plants) 100 6,0 14 81 France (6 trout plants, 1 turbot, 2 VAP plants) 100 6,0 12 72 EV downstream (Norway Seafoods ASA) P/B=1 45 6,0 45 267 Total Group EV 6,4 244 1 572 NIBD 31.12.2011 973 Equity value 599 Outstanding Shares (mill) P/B (ex. 2010 impairment test) 84,6 Aker Seafoods ASA 0,53 6,4 7 Source: Fondsfinans We downgrade Aker Seafoods ASA to neutral recommendation and implement a price target of NOK 6.6 corresponding to P/E adj. 2011 of 12 (12). Risk assessment Always regulatory risks in wild-catch Our Aker Seafoods valuation is based on long term sustainable harvesting volumes of white fish in the North Sea, the Nordic Sea and the Barents Sea. Higher or lower sea water temperature may over time affect white fish stocks or the fish could move to other sea waters. Thus, harvest volumes upstream and profitability downstream may be affected. We assume stable fishery policy, but new governments could - over time - implement less favourable terms for the industry. Regulatory risks in the white fish sector are generally higher than in other industries. Aker Seafoods ASA has previously stated potential mergers, partnerships, and other rationalization of downstream activities. No further news was given at 2Q. Regulatory issues could obstruct the potential spin-off. The annual issue of white fish quotas in the Barents Sea is subject to an agreement between Norwegian and Russian governments. Fishing in the North Sea is subject to a multilateral agreement between EU-countries and Norway. Page 6 12 August 2011 Fondsfinans Research

Update 2Q11 Aker Seafoods ASA Definitions of ratings Buy Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 15%. Neutral Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -15% to +15%. Sell Low risk: min 5%. Medium risk: min 10%. High risk: min 15%. Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H). Target: Our valuation as of today. Time frame of target: Target is what we value the share as of today. Recommendation distribution as of 08.08.11: Companies in each recommendation category that have been investment banking clients over the past 12 months: Recommendation No Percent Recommendation No Percent Buy 47 76 % Buy 7 15 % Neutral 12 19 % Neutral 1 8 % Sell 3 5 % Sell 0 0 % Total 62 100 % Total 8 Our intention is to issue preview and update research on a quarterly basis. Our investment recommendation is elaborated in accordance with The Norwegian Securities Dealers Associations standards. This report has not been sent to the company for correction of any factual errors. Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Fondsfinans has internal instructions and guidelines for handling sensitive information. The analyst receives compensation that is impacted by overall firm profitability, including investment banking activities. The analyst is partner in DIS Fondsfinans. Fondsfinans is under supervision of The Financial Supervisory Authority of Norway. The recommendation has been changed from Buy to Neutral. The previous recommendation was issued 25.03.11. Ownership per 12.08.11 in Aker Seafoods: Analyst (including his/her closely related persons or companies): 0, corresponding to 0% of the company share capital Employees (including their respective closely related persons or companies): 0, corresponding to 0% of the company share capital Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries): 0, corresponding to 0% of the company share capital Fondsfinans may hold shares in Aker Seafoods as a result of daily trading/market making. Information on such holdings is not given when of non-significant value. This report was issued and distributed 12.08.11. Distribution in the United States Research reports are prepared by Fondsfinans ASA for information purposes only. Fondsfinans ASA and its employees are not subject to the Rules of the Financial Industry Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the United States solely to major U.S. institutional investors as defined in Rule 15a-6 under the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Fondsfinans ASA research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Reports are prepared by Fondsfinans ASA and distributed to major U.S. institutional investors under Rule 15a-6(a)(2). These research reports are prepared by Fondsfinans ASA and distributed in the United States by Fondsfinans Inc. under Rule 15a-6(a)(2). Any U.S. Person receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Fondsfinans Inc., a member of FINRA. Fondsfinans Research 12 August 2011 Page 7

Aker Seafoods ASA Analyst: Bent Rølland +23 11 30 27 Sector: Fisheries Price (NOK): 6,1 Shares outst.: 84,65m Date: 12.08.2011 Book equity per share (NOK): 13,3 Market cap (NOKm): 516 Next result: 02.11.2011 Equity ratio: 38,8% Net int.bearing debt (NOKm): 943 Target 6,6 Avg daily vol (90d): 33,1 Entrprise value (NOKm): 1 459 Recommendation: Neutral 12 months High / Low: 10.4 / 6.2 OSEBX: 344 Financial data (NOK mill) 2008 2009 2010 2011e 2012e 2q10 3q10 4q10 1q11 2q11 3q11e 4q11e Operating income 2 718 2 685 2 915 2 992 3 046 752 681 702 786 751 687 768 Costs of goods/other op. ex. 2 575 2 494 2 665 2 803 2 851 687 640 660 698 699 693 714 EBITDA 143 191 250 244 260 65 41 42 88 52 41 64 EBITDA-margin 5 % 7 % 9 % 8 % 9 % 9 % 6 % 6 % 11 % 7 % 6 % 8 % Depreciation 114 125 121 119 120 31 32 27 29 30 30 30 EBIT (operating profit) 22 12 123 125 140 34 9 9 59 22 11 34 EBIT-margin 1 % 0 % 4 % 4 % 5 % 5 % 1 % 1 % 8 % 3 % 2 % 4 % Associates 1 0 2 0 0 1 0 0 0 0 0 0 Net financial expences 139 69 56 55 49 17 24 0 15 14 13 13 PTP (profit before tax) -125 95 64 70 91 18-15 9 44 8-2 21 Taxes -47 22 14 26 25 5-6 -1 13 8-1 6 Profit for the period -78 73 50 44 65 13-9 10 31 0-2 15 Outstanding shares (m) 48,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 Adjusted result -62-25 58 47 65 12-10 16 30 4-2 15 Adj. EPS -1,28-0,30 0,69 0,55 0,77 0,15-0,12 0,19 0,35 0,04-0,02 0,18 CEPS adj. -4,9 2,4 0,9 2,0 2,5 0,8 0,2 0,4-0,1 1,4 0,9-0,2 Multiples: EV/Sales 0,5 0,5 0,4 P/B 0,5 0,5 0,4 EV/EBIT n.m. 11,9 9,7 EV/EBITDA 6,0 6,1 5,2 Adj P/E n.m. 11,0 7,9 Harvesting Norway (Aker Seafoods) Operation income 600 599 762 818 843 184 196 160 233 192 219 174 Operation costs 474 458 583 612 648 146 166 125 157 141 183 131 Extra costs (bunkers/nox-tax/refund) 23 7 2 6-9 0 0 0 0 5 1 0 EBITDA 103 134 176 200 204 38 30 34 76 46 34 43 Cod 10 897 13 213 18 256 22 058 22 940 3 561 3 295 5 055 7 160 4 460 4 119 6 319 Saithe 15 282 14 657 14 706 11 372 10 803 2 000 2 600 2 293 4 453 2 026 2 600 2 293 Haddock 6 659 9 163 11 781 12 445 13 067 4 406 3 800 1 622 1 703 3 964 4 750 2 028 Shrimps/others 200 1 400 2 125 2 522 2 522 500 620 385 461 1 056 620 385 Saithe in North Sea 7 500 10 000 4 440 4 213 4 002 1 950 2 490 0 871 1 599 1 743 0 Pesquera Ancora fishing 400 1 800 0 0 0 0 0 0 0 0 0 0 Total harvesting Norway (t) 40 938 50 233 51 308 52 609 53 334 12 417 12 805 9 355 14 648 13 105 13 832 11 024 Harvesting growth YoY 2 % 23 % 2 % 3 % 1 % -8 % 83 % -15 % -12 % 6 % 8 % 18 % EBITDA (NOK/kg harvested) 2,52 2,67 3,43 3,80 3,83 3,06 2,34 3,63 5,19 3,51 2,56 3,92 Depreciation 51 44 83 73 72 16 25 26 19 18 18 18 EBIT (operating profit) 52 85 93 127 132 22 5 8 57 28 16 25 First hand payments (NOK/kg) 14,7 11,9 14,9 15,5 15,8 14,8 15,3 17,1 15,9 14,7 15,8 15,8 EBIT-margin, pst. 9 % 14 % 12 % 15 % 16 % 12 % 3 % 5 % 24 % 15 % 8 % 14 % Processing Norway (Norway Seafoods) Operation income 1 292 1 174 1 245 1 290 1 334 349 227 311 324 338 260 367 Operation costs 1 282 1 150 1 208 1 285 1 316 332 228 305 331 337 261 356 EBITDA - processing 10 24 37 14 18 17-1 6 2 1-1 11 Processing volumes 69 244 73 100 94 629 97 835 98 724 22 154 17 143 15 861 39 958 20 076 19 621 18 180 Processing growth YoY 6 % 6 % 29 % 3 % 1 % 64 % 69 % -30 % 1 % -9 % 14 % 15 % EBIT-margin (NOK/kg) -0,42-0,26 0,14-0,06 0,00 0,32-0,12 0,13 0,15 0,30-0,11 0,12 Depreciation (processing) 39 43 24 19 18 10 1 4 6 8 1 4 EBIT (operating profit) -29-19 13-5 0 7-2 2-4 -7-2 7 Average sale price (NOK/kg) 31,1 26,8 21,9 22,0 22,5 26,3 22,1 32,7 13,5 28,1 22,1 33,7 EBIT-margin -2 % -2 % 1 % 0 % 0 % 2 % -1 % 1 % -1 % -2 % -1 % 2 % Processing Denmark (Norway Seafoods) Operation income 593 541 509 503 503 131 132 120 124 127 132 120 Operation costs 569 507 487 484 480 125 126 117 120 123 127 114 EBITDA 24 34 22 19 23 6 6 3 4 4 5 6 EBIT (operating profit) 12 21 11 11 15 4 3 0 2 2 3 4 EBIT-margin 2 % 4 % 2 % 2 % 3 % 3 % 2 % 0 % 2 % 2 % 2 % 3 % Processing France (Norway Seafoods): Operation income 525 638 677 675 660 172 154 187 177 167 149 182 EBITDA (bef. IFRS) 24 30 17 12 14 5 6-1 6 1 2 3 Depresiations 13 18 10 8 8 3 3 1 2 2 2 2 EBIT (bef. IFRS) 11 13 7 4 6 2 3-2 4-1 0 1 Eliminations to EBITDA -18-31 -2 0 0-1 0 0 0 0 0 0 Group balance Sheet 2008 2009 2010 2011e 2012e Shareholders of Aker Seafoods ASA (1.8.2011) Shares Per cent Intangible assets 1 333 1 271 1 138 1 133 1 133 1 Converto Capital Fund AS 55 742 738 65,9% Tangible fixed assets 1 064 1 046 981 948 908 2 Marine Harvest ASA 10 092 923 11,9% Total intangible and intangible fixed assets 2 397 2 317 2 119 2 081 2 041 3 ODIN Norge 4 146 195 4,9% Financial fixed assets 54 58 39 40 40 4 ODIN Norden 2 064 845 2,4% Total assets 3 303 3 160 2 866 3 014 3 119 5 Peba AS 1 492 635 1,8% Total equity 826 1 083 1 097 1 139 1 204 6 AS Bemacs 1 020 000 1,2% Total long-term liabilities 1 688 1 455 1 193 1 153 1 153 7 Frode Teigen 1 000 000 1,2% Total equity and liabilities 3 303 3 160 2 867 3 013 3 117 8 SEB 698 382 0,8% NIBD 1 512 1 025 995 973 840 9 Ictus Capital AS 622 630 0,7% Cash flow 10 Mobilmote as 468 199 0,6% From operations -239 352 77 167 213 11 Bjarte Tunold 387 404 0,5% From investments -127-195 -39-91 -80 12 SES as 300 000 0,4% From finance 225-50 -43-24 0 13 Odin Norge II 239 632 0,3% Net cash flow -141 107-5 52 133 Other shareholders 6 370 433 7,5% Cash end of the period 48 155 147 200 333 Total Shares 84 646 016 100 % DISCLAIMER This report is provided for information purposes only. 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